EURAUD and S&P500 Intra-day Developments with Elliott wave Theory
|Hi traders,
EURAUD can be trading in a bigger, bearish reversal, down from 1.6360 level. We specifically see price unfolding a minor five-wave drop from 1.619 level that is part of impulsive wave 3 of 3). Some pullback may join the downtrend, and first one can be minor wave iv, that can look for resistance at the lower channel line visible on the chart. A drop below the 1.573 level would already suggest more weakness.
EURAUD, 4h
S&P500 made a five-wave rally from the 2603 lows, which was later reversed by a temporary three-wave retracement. We can see an A-B-C pullback in play of a higher degree wave B), which can in sessions ahead look for support and a bounce near the 2674/2631 level, levels of former swing highs and lows.
S&P500, 1h
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